Northern Offshore Registers Shares on Norwegian OTC

Northern Offshore Limited is a Bermuda exempted holding company which operates offshore oil and gas production and drilling vessels deployed around the world in strategically attractive locations. The Company's recently renovated fleet consists of one production unit (the Northern producer, a semisubmersible floating production facility) and two drilling units (the Energy Searcher, a drillship, and the Galaxy Driller, a semisubmersible drilling rig). The vessels operate in various markets including the North Sea, the Middle East, the Indian Ocean and Southeast Asia.

The Company has as of December 8th approximately 2,100 shareholders. Following the de-listing of the Northern Offshore shares from the OSE in July 2004 and the re-structuring process completed in April 2006, the Company wishes to re-introduce the shares to the Norwegian market. The registration on OTC will be able to provide a marketplace for trading of the Shares, involving continuous market pricing of, and liquidity in, the Shares. The OTC registration is also an important milestone for the Company's contemplated full re-introduction on the OSE in 2007.